Ghana: Economic Importance Of Foreign Remittances

Business/Finance - Fri, 04 Jan 2008

Remittances over the years, as the records indicate, have played a significant role in the socio-economic development of the country and are also emerging as one of the leading contributors to Ghana’s Gross Domestic Product (GDP).

Information accessible at the Bank of Ghana reveals that from January to November 2006, private inward transfers from non-governmental organisations (NGOs), individuals and other institutions through the Bank of Ghana and other financial institutions stood at US$4.25 billion, representing the largest source of foreign exchange into the country.

Again, for the first quarter of 2007, according to figures released by the Bank of Ghana, remittances to the country totalled US$1.52 billion, representing an increase of about 17.1 per cent over the same period last year. [Read more]